Chapter Name: Control risks
Description:Learners will explore methods of monitoring risks, evaluating the effectiveness of risk responses, and updating the risk register to reflect new and emerging risks.
Purpuse:To track and manage risks throughout the project lifecycle.
Rational:Ongoing risk management ensures that risks are controlled and that new risks are identified and addressed promptly to avoid negative impacts on the project.
Chapters Topics
Risk control concepts and flow of data
Risk Control Concepts and Flow of Data: This process involves monitoring identified risks and evaluating the effectiveness of risk responses. The flow of data starts with inputs like the Risk Register and Work Performance Data, followed by monitoring and reassessment of risks, and concludes with updates to project documents reflecting changes in risk status or response plans.
The importance and benefits of risk control
The Importance and Benefits of Risk Control: Risk control ensures that risks are actively managed throughout the project lifecycle. It allows the project team to adapt to new threats or opportunities as they arise and ensures that risk responses are effective. By controlling risks, the team can minimize the impact of unforeseen issues and keep the project on track.
Risk control inputs (Project management plan, Risk register, Work perfromance data)
Risk Control Inputs: Key inputs include the Project Management Plan, Risk Register, and Work Performance Data. These inputs provide the necessary context for monitoring risks and evaluating how well risk responses are working.
Risk control tools techniques (Risk assessment,Risk audits, Varience and trend analysis, Technical perfromance measurement, Reserve analysis, Meetings)
Risk Control Tools and Techniques: Tools and techniques include Risk Assessment (to evaluate the effectiveness of existing responses), Risk Audits (reviews of risk management practices), Variance and Trend Analysis (to track changes in risk over time), Technical Performance Measurement (assessing technical risks), Reserve Analysis (assessing risk contingencies), and Meetings (for regular risk reviews). These tools allow for timely updates and corrections to risk management strategies.
Risk control outputs (Work perfromance documents, Change requests Project management plan updates, Project document updates (Outcomes of risk assessment, audits and reviews), Organisational process assests updates)
Risk Control Outputs: Outputs include Work Performance Documents (such as updated risk logs and performance reports), Change Requests (if adjustments to responses are necessary), Project Management Plan Updates (revised risk management strategies), Project Document Updates (updated risk registers, action logs), and Organizational Process Assets Updates (improvements based on lessons learned). These outputs ensure that risks are continuously monitored and managed.